FIBER internet provider Converge ICT Solutions, Inc. announced on Monday that it had been included in two global stock market indices, the Financial Times Stock Exchange (FTSE) Renaissance IPO Index and the FTSE ASEAN All-Share Index, increasing its exposure to passive and active investors.
Global index provider FTSE Russell, a unit of the London Stock Exchange, included Converge in the FTSE Renaissance IPO Index and the FTSE ASEAN All-Share Index, the listed company told the local bourse.
Converge President Maria Grace Y. Uy said, “These will allow us to be more exposed to both passive and active investors who regularly monitor FTSE indices.”
FTSE ASEAN All-Share Index — a partnership between FTSE and Southeast Asian exchanges — is intended to reflect the performance of large, mid and small-cap listed Southeast Asian companies.
Converge said it passed the size eligibility, free float, and liquidity criteria of the regional index.
The company added that it was included in the FTSE Renaissance IPO Index — designed by Renaissance Capital and calculated by FTSE Russell — after its initial public offering (IPO) in the Philippine Stock Exchange in 2020.
“The IPO Index Series is designed to track the activity and performance of the global IPO market, and to add structure and transparency to these equities, providing market participants-controlled access to the attributes of IPOs,” Converge noted.
According to the company, the IPO index constituents are screened on a quarterly basis for size, liquidity, and free float.
“This index covers all institutionally investable IPOs in developed and emerging markets of operating companies with an initial investable market capitalization of at least $100 million,” it also said.
Converge’s attributable net income in the first quarter nearly tripled to P1.55 billion from P573.60 million in the same period last year, owing primarily to an increase in subscribers amid the ongoing pandemic crisis.
Total revenues, which include contributions from residential and enterprise, increased 83.2% to P5.55 billion in the first quarter from P3.03 billion in the same period in 2020.
Converge ICT Solutions shares closed 0.70% higher at P21.60 apiece on Monday. — Arjay L. Balinbin
